Today was another uneventful day for me day-trading but a very busy one in the swing trading department.  On the day trading side of things there was only 1 valid trading signal that ended up being stopped out for break even. Well technically -2pips because of the spread, but you get what I'm saying.  That same trade eventually rolled over to what would have been a winner, but rules are rules and I'd rather protect against a loss then shoot for a win. 

On that same note today's action (and there was a lot of it with all of the news that came out) caused me to close all 4 of my open swing trades.  I closed 2 of my swing trades on what I was taught to be called a "graceful exit".  I was involved in these trades on the 4hr chart from last week that went from  barely being stopped (which was over a 100pips away) to putting me back into the profit zone, to barely being stopped out again.  When analyzing the market I could see that the market clearly wasn't doing what I predicted, as my original structure level was broken and closed below. Therefore I decided to save some face and just close my orders for break even on one and -20 on another, which is basically break even when seeing where the stops and targets were at.  The one swing trade that did get me a little upset was one I had placed last week on the NZDUSD 4hr chart.  There had been a triple top that the market had refused to break for about a week. For those who like to play channels there was a great opportunity as the market continued to bounce back and fourth.  It then rallied this morning with the  new events only to be sucked back down and break the channel towards the down side. I'm not mad about the trade or where I had my stops at, i just hate when a market makes an impulse move off a news event only to reverse. To me this means that I was right but I didn't get a chance to profit.  Same as I were to identify a great trade setup but not take it. Anyway thats the end of my rant for the day. Underneath are some charts from the day trade (grey) and the look at the NZDUSD trade in white. 

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6/25/2012

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